VINATI ORGANICS - Reversal from its Support Level - Weekly chart

This analysis is purely based on price action.
(This stock was analyzed previously on Monthly Time Frame, whose link is also provided here)

Analysis is done on Weekly Time Frame, Hence it may take few weeks to couple of months for price to reach target. Traders should consider this before entering into the trade.

As written in image itself, The stock moves with support of 50EMA on Weekly TF.

It gave a long term (life-time) breakout in September (as shown in image). Thereafter the stock came down to re-test its levels (earlier resistance now support.

Now the price has show clear reversal signs by forming a Morning Star Pattern (Three Candle Reversal Pattern). The reversal sign becomes even more important because it has been formed near its support of 50EMA.

Traders can go long above the high of last green candle. SL & Target are suggested in image itself. SL should be trailed accordingly, once entered into the trade.

*Trade at your own risk & money management. Always do your own study before entering into any trade*

Feel free to comment for any query or suggestion.
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